Aidikoff, Uhl & Bakhtiari announces that the deadline to opt out of the Schwab YieldPlus class action lawsuit is fast approaching. Schwab YieldPlus
Fund investors who are members of the class action -- which involves
the Schwab YieldPlus Fund Select Shares (Nasdaq:SWYSX) and the Schwab
YieldPlus Investor Shares (Nasdaq:SWYPX) -- have approximately 33 days
to submit their request to opt out of the class action if they wish to
pursue an individual arbitration claim with the Financial Industry
Regulatory Authority (FINRA).
"Charles Schwab marketed and sold the Schwab YieldPlus Funds as safe,
cash-like investment alternatives. Instead, evidence shows that the
funds contained more than 45% of toxic mortgage- and asset-backed
securities. This exposed investors to not only more risk but also the
potential for more financial losses," says Ryan Bakhtiari, an attorney
whose law firm Aidikoff, Uhl & Bakhtiari has successfully represented
investors in their claims against Charles Schwab and the YieldPlus
Funds.
Bakhtiari adds that investors who suffered financial losses in their
Schwab YieldPlus investments need to carefully consider whether they
remain in the Schwab class action lawsuit or submit their request for
exclusion and pursue a separate individual FINRA arbitration claim.
"For some investors, class action representation in the YieldPlus case
can be an attractive legal option when individual financial losses are
small. In other instances, however, filing an individual claim with
FINRA may be a more economically attractive option. Investors should
consult with counsel to review their options," Bakhtiari says.
Investors must submit their requests for exclusion by December 28,
2009, or they will be bound by the results of the class action lawsuit.
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